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Last update 16/08/2024

Grants and Government-Backed Loans for Startups & Small Businesses in South Lanarkshire: Your Funding Guide

If you're a budding entrepreneur or a small business owner in South Lanarkshire looking for financial support, you're in the right place. This guide provides an overview of the various grants and government-backed loans available to help you start or grow your business.

Grants

South Lanarkshire Business Growth Grant (SLBGG)

The South Lanarkshire Business Growth Grant is designed to help new and existing businesses in the area expand. This discretionary grant covers up to 50% of eligible project costs, with a maximum award of £20,000. Eligible expenses include purchasing equipment, infrastructure improvements, consultancy support, staff training, and attending trade exhibitions.

Business Support Grant

This grant offers up to £10,000 to support various business activities such as consultancy, capital expenditure, property improvements, exploring new markets, and training to enhance business turnover, profitability, and employee growth.

Government-Backed Loans

Scottish Microfinance Fund

The Scottish Microfinance Fund provides loans of up to £25,000 to businesses with fewer than 10 employees at a 6% interest rate. No match funding is required, making it an accessible option for small businesses needing financial support.

The Start-Up Loan Company

This national program offers personal loans of up to £25,000 at a 6% interest rate, along with 12 months of free mentoring. The loan is available to individuals over 18 years old, and the business must be trading for less than 24 months.

Business Loans Scotland

Business Loans Scotland offers secured loans ranging from £25,000 to £100,000 to businesses with more than 10 employees. This funding is designed to help businesses that need more substantial financial support to grow and develop.

Additional Resources and Information

South Lanarkshire Council - Support for Business

For comprehensive information on funding options and other business support services in South Lanarkshire, visit the council’s official page: South Lanarkshire Council - Support for Business.

Business Gateway Lanarkshire

Business Gateway Lanarkshire provides local business support, including advice on funding and growth opportunities. Learn more at Business Gateway Lanarkshire.

Find Business Support

The Scottish Government's official website allows you to search for funding and support programs based on your location and business needs: Find Business Support.

Key Considerations

Eligibility Criteria: Each grant and loan has specific eligibility criteria. Ensure that your business meets these requirements before applying.
Application Deadlines: Be aware of the deadlines for each funding opportunity. Late submissions are often not considered.
Consultation: Contact the Business Gateway team or relevant organizations for the most up-to-date information on the application process and requirements.

South Lanarkshire Council Contact Information

Website: South Lanarkshire Council - Support for Business
Business Gateway Lanarkshire: Business Gateway Lanarkshire
Phone: +44 300 123 1015
Email: Contact through the council's official website.

FAQs

What is the South Lanarkshire Business Growth Grant?
- The SLBGG is a discretionary grant that provides up to 50% of eligible project costs, with a maximum of £20,000, to help new and existing businesses grow.
How much can I get from the Business Support Grant?
- The Business Support Grant offers up to £10,000 for consultancy, capital expenditure, property improvements, and more.
What is the interest rate for the Scottish Microfinance Fund?
- The Scottish Microfinance Fund offers loans at a 6% interest rate.
Who can apply for The Start-Up Loan Company funding?
- Individuals over 18 with businesses trading for less than 24 months can apply for up to £25,000 in personal loans.
What is Business Loans Scotland?
- Business Loans Scotland provides secured loans ranging from £25,000 to £100,000 to businesses with more than 10 employees.
How can I find out if my business is eligible for these grants and loans?
- Review the eligibility criteria provided on the South Lanarkshire Council website or contact Business Gateway Lanarkshire for guidance.
Are there any deadlines I should be aware of?
- Each grant and loan program may have specific deadlines. It’s important to check these on the respective websites.
Can I get help with my application?
- Yes, Business Gateway Lanarkshire offers support and advice on preparing your application.
What other resources are available for businesses in South Lanarkshire?
- The South Lanarkshire Council website, Business Gateway Lanarkshire, and Find Business Support are valuable resources.
Is there any support for new businesses specifically?
- Yes, the STEP Start-Up Grant offers up to £1,000 to new businesses within the Stirling Council area.
Where can I apply for the South Lanarkshire Business Growth Grant?
- Applications can be made through the South Lanarkshire Council website.
What is the Business Resilience and Growth Fund?
- This fund offers grants up to £25,000 to support local economic recovery and enable businesses to thrive.
Can I apply for more than one grant or loan?
- It depends on the specific terms of each grant or loan. Check with the providers for details.
Are there grants for social enterprises in South Lanarkshire?
- While not mentioned in this guide, social enterprises can often access specific grants; contact Business Gateway for more details.
What should I include in my business plan for the application?
- A detailed overview of your business, financial projections, and a clear explanation of how the funding will be used.

Value AD

CAN BE

ALTERNATIVE

INVESTMENT

What is Value Ad?

Value Ad is an innovative policy designed to foster a mutually beneficial relationship between two key groups: new businesses and service providers. This policy helps startups save significantly on essential services while enabling service providers to gain valuable traction and growth opportunities.

How is it a Win-Win Deal?

For New Businesses:

Cost Savings: Startups can save 50% to 80% on essential services such as website development and marketing. This means they don’t need to invest heavily upfront, making it easier to launch and grow their business.

Alternative Investment: The money saved through these discounts can be reinvested into other critical areas of the business, acting as an alternative investment that fuels further growth and development.

For Service Providers:

Initial Customer Base: Service providers, often tech startups themselves, can attract a significant number of initial customers by offering their services at a discounted rate. This helps them build traction and demonstrate value, which is crucial for attracting venture capital (VC) funding and other opportunities.

Marketing Efficiency: By providing affordable services, service providers do not need to spend heavily on marketing to acquire new customers. The discounted services themselves become a powerful marketing tool, bringing in customers who can spread the word and enhance the provider’s reputation.

Growth and Expansion: Attracting more customers through Value Ad helps service providers expand their client base and build long-term relationships, which can lead to increased revenue and business growth.

Alternative Investment for New Businesses:

For new businesses, the significant cost savings achieved through the Value Ad policy effectively serve as an alternative investment. Instead of spending large amounts on website development and marketing, they can leverage the affordable services provided by service providers. The saved funds can be redirected into other strategic areas of the business, enhancing overall growth and sustainability.

Benefits for Service Providers:

Service providers benefit from the Value Ad policy by gaining access to a ready pool of new customers who are drawn by the discounted rates. This initial customer base is crucial for:

Building Traction: Demonstrating product or service viability to potential investors.

Securing Funding: Enhanced customer traction and a growing user base can make the service provider more attractive to venture capitalists and other funding sources.

Market Penetration: Establishing a presence in the market quickly and efficiently without heavy marketing expenditures.

In Summary:

Value Ad is a strategic policy designed to create a win-win scenario for both new businesses and service providers. By offering significant discounts on essential services, startups can save and reinvest those savings, while service providers gain crucial initial customers and market traction. This mutually beneficial arrangement supports the growth and success of both groups, making Value Ad a powerful tool for business development and investment.

Value AD

CAN BE

ALTERNATIVE INVESTMENT